Steem Chart Update - March 20, 2018

Two consecutive green days for STEEM/BTC! This has come few and far between in recent weeks. Is this a cause for excitement? Here's my take...

First, here's the latest daily chart on STEEM/BTC, courtesy of TradingView:

As I have shared yesterday, there are two key resistance points to keep an eye on in this recovery. The first is at 0.00025, and the second is the upper line of the downtrend channel, currently at around 0.00027500. In fact, the 0.00028750 level could also provide some resistance.

Today's high (so far) has been 0.00026500, so though we were close, we haven't really touched the downtrend channel line yet. We have since retreated back below 0.00025, where it seemed to be aimlessly hovering around this area for the past few hours. See the chart below for the 30 minute view. Notice how many times we have touched 0.00025 only to be turned back every single time.

So overall, my viewpoint has not changed. As long as price does not move past these two resistance points, I won't say the trend has shifted yet. We are still in a downtrend. Don't forget, there will be up days even on downtrends. Just that the down days will be more pronounced and more frequent, as what we've been witnessing.

Lastly, how about some Steem news anyone? I've been trying to search for Steem related news articles for the past few days, but nothing has turned up. Just some short articles on Steem daily volumes and price changes. Maybe a spark is what we need to sustain this price rally?

As always, trade carefully everyone!

Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.